Firmus pulls ASX IPO after 48 hours of weak demand
Crypto Briefing 2026-10-09 17:14:02
Context: Firmus Technologies, an Australian AI data center operator backed by Nvidia, Blackstone, and Jane Street, withdrew its planned initial public offering on the ASX on October 9, 2026, after just 48 hours of bookbuilding due to weak demand. The company's IPO aimed to raise approximately $5 billion at a share price of A$11, implying an equity valuation of roughly $30.6 billion, a significant jump from its $10.5 billion private funding round two months earlier. Firmus operates two data centers in Melbourne and Singapore, with five more under development.
Key Facts
- Firmus Technologies withdrew its ASX IPO on October 9, 2026, after 48 hours of bookbuilding due to weak demand from investors.
- The company's IPO aimed to raise approximately $5 billion at a share price of A$11, implying an equity valuation of roughly $30.6 billion.
- Firmus carries around $30 billion in debt, a figure that drew concern from prospective buyers and contributed to the IPO's withdrawal.
- The company's client list includes OpenAI and Meta, and it operates two data centers in Melbourne and Singapore, with five more under development.